New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What does the term "NEFT" stand for in the context of

    Indian banking?
    A National Electronic Fund Transfer Correct Answer Incorrect Answer
    B National Economic Financial Transaction Correct Answer Incorrect Answer
    C Non-Exempt Fund Transfer Correct Answer Incorrect Answer
    D New Electronic Fund Tracker Correct Answer Incorrect Answer

    Solution

    NEFT is a nation-wide electronic fund transfer system in India that facilitates one-to-one funds transfer. It operates on a deferred net settlement basis, which means transactions are processed in batches and settled at fixed intervals.

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